ASEAN consumers among world’s most confident

A recent report by consumer research firm Nielsen showed that people in ASEAN countries are among the world’s most confident consumers due to dynamic growth and an expanding middle class in the region.

The survey, released on July 23, said that Indonesian consumers were the most confident globally, and other Southeast Asian countries also figured prominently in the top-10 rankings during the second quarter of 2013.

Indonesia had an index of 124, Nielsen’s Global Survey of Consumer Confidence showed, well above the global average of 94. Indonesia was followed by the Philippines with an index of 121. India came in third, then Thailand, Brazil, China, UAE, Hong Kong and Malaysia.

The survey polled more than 29,000 consumers in 58 countries between May 13 and 31, Nielsen said. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.

As the middle class population across Southeast Asia continues to grow at a rapid pace, consumer spending in these markets is reflecting their new-found wealth, the study said. The rise of minimum wages in several ASEAN countries also helped. ASEAN economies, apart from Singapore and possibly Brunei, are expected to grow between 4 and 7 per cent in 2013, with an average growth in the region of 5.2 per cent as per a forecast of the Asian Development Bank.

Indonesians were also the region’s most optimistic about their financial position, with 84 per cent of them rating it as “good or excellent.” The Philippines followed with 79 per cent, then Thailand (69 per cent) and Malaysia (63 per cent).

A recent report by consumer research firm Nielsen showed that people in ASEAN countries are among the world’s most confident consumers due to dynamic growth and an expanding middle class in the region.

The survey, released on July 23, said that Indonesian consumers were the most confident globally, and other Southeast Asian countries also figured prominently in the top-10 rankings during the second quarter of 2013.

Indonesia had an index of 124, Nielsen’s Global Survey of Consumer Confidence showed, well above the global average of 94. Indonesia was followed by the Philippines with an index of 121. India came in third, then Thailand, Brazil, China, UAE, Hong Kong and Malaysia.

The survey polled more than 29,000 consumers in 58 countries between May 13 and 31, Nielsen said. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.

As the middle class population across Southeast Asia continues to grow at a rapid pace, consumer spending in these markets is reflecting their new-found wealth, the study said. The rise of minimum wages in several ASEAN countries also helped. ASEAN economies, apart from Singapore and possibly Brunei, are expected to grow between 4 and 7 per cent in 2013, with an average growth in the region of 5.2 per cent as per a forecast of the Asian Development Bank.

Indonesians were also the region’s most optimistic about their financial position, with 84 per cent of them rating it as “good or excellent.” The Philippines followed with 79 per cent, then Thailand (69 per cent) and Malaysia (63 per cent).